17 units in Irvington, NE Portland
The Park Irving Apartments provide a unique investment opportunity to acquire a 17 unit trophy asset within the prestigious Irvington neighborhood of Northeast Portland. The Irvington neighborhood provides a blend of historic charm in a residential setting, all while providing convenient access to urban amenities - with local shops, cafes, and restaurants just a few blocks away. The area immediately around Park Irving is predominantly residential, featuring quiet, tree-lined streets that foster a strong sense of community and quality of living for residents that want the best of both worlds. Historically, Irvington offers very limited investment opportunities available to the market due to the strength and stability, and trend of long-term owners in this area. The Park Irving Apartments, built in 1964, provides a unique housing option in the market that features mid-century modern architecture, and picturesque landscaped grounds that are meticulously maintained. The community is comprised of spacious units and feature 1- one bedroom, 14 - two-bedrooms, and 2 - three bedrooms. In addition, there are 11 garages on-site for rent, laundry facilities, and additional storage options for residents. The units are spacious in size, and provide tenants with functional floor plans and modern conveniences. The long-term ownership has taken pride in managing and maintaining the property with many improvements over the years. Recent capital improvements include all new decks & railings (2021), all new gutters (2024), and continuous interior improvements over the years. The investment provides a realistic and attainable path to add value for an investor. The rents have significant and proven upside, and offer a stable unit mix of large in-demand units. Current ownership has operated the property with minimal vacancy. Other additional value-add opportunities include the ability to improve efficiencies and maximize the fee income through parking, storage, and utility bill backs (not currently in place). A truly unique offering in the well-established Irvington neighborhood of Northeast Portland.
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